CME Group Q4 EPS $2.77 Beats, Guides $1.695B Expenses, Launches 24/7 Crypto Trading
CME Group's 4Q25 adjusted EPS was $2.77 (+1% beat) on $1.65B revenue (+8% YoY), with margin up 110bps to 67% and ADV at 27.4M contracts. It guides $1.695B in 2026 adjusted expenses, plans $1.3B buybacks, and will open 24/7 regulated crypto futures trading from May 29.
1. Q4 2025 Earnings Performance
CME Group reported adjusted 4Q25 EPS of $2.77, surpassing consensus by 1%, on revenue of $1.65 billion, up 8% year over year. Operating margin expanded by 110 basis points to 67% as average daily volume rose 7% to 27.4 million contracts and blended RPC reached $0.707.
2. 2026 Guidance and Capital Allocation
Management projects $1.695 billion in 2026 adjusted operating expenses, excluding licensing fees, and expects recent fee and data price changes to add 1%–1.5% to revenue. The company has earmarked $1.3 billion from OSTTRA sale proceeds for buybacks, repurchased $256 million in 4Q25 and $276 million YTD 2026, and plans a variable dividend near last year’s level.
3. 24/7 Crypto Trading Launch and Insider Sale
CME will begin 24/7 trading of regulated cryptocurrency futures and options from May 29 pending approval, enabling continuous client access. Separately, Director Bryan Durkin sold 4,200 shares for $1.3 million on February 23, reducing his stake by 9%.